Viewing Expert

Mohsin Bashir , VP Investments

Stone Asset Management

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Markets. He sees a little bit of opportunity in the TSX. It did spectacularly well last year and it will be hard to replicate it. The sectors that have outperformed the most are counter intuitive – utilities and telecommunication stocks. They tend to be bond proxies and you won’t get the relative benefit in a rising rate environment. He has seen opportunity in alternative energy, however. We are trading at high PE multiples but we are having earnings grow into these multiples. These may last for quite some time until there is a rollover of the cycle. He would prefer financial services, and businesses that are tied to services in the industrial area.

He has been adding to this one at these levels. He likes it because it gets painted with the same brush as other oil companies, but it is much more diversified. There is a high degree of certainty for their revenues and cash flows. There is high visibility. They are starting to amass assets in the alternative energy space.

It is being viewed as a REIT in many ways and being stagnated due to the rising rate environment. Management are do a good job in terms of rates of return on invested capital. He likes it as a long term core holding.

He would not own it because he looks for risk adjusted growth opportunities. This has been a damaged story because it is just too highly levered. It is difficult to see oil prices high enough for them to appreciate.

All of the US financials stand to benefit from a rising rate environment as well as a relaxed regulatory environment. This is the one he would think is more accelerated to these new environments. You should have US banks in your portfolio.

He likes the fact that it is a pretty recession-proof stock. It is a lot more than movie tickets. They have really built up gaming. The PE has been high for quite some time. It is not that elevated a PE considering its resilience, however. It is a good idea to pick away at it. You know you will keep getting dividend increases.

A good long term hold. It is a spectacular business. They are at the forefront in terms of using artificial intelligence and big data analytics. They keep re-inventing themselves. He wishes they would pay a dividend.

It is the MacDonald’s of the vitamin business. It is the number one Canadian consumer health brand. They have more market share than their 5 biggest peers combined. They have exposure in China. He thinks it will be a success-IPO story like DOL-T. It is now going to be a show-me story as they grow their top line.

It was fairly unloved for some time and he took a position. He bought it looking for a rising rate environment. He started seeing technical indicators showing a resistance level about where it is now. He decided to harvest the profits and move on to greater opportunities even though it seemed just to be forming a base.

He missed the bus on this one. It has been a beneficiary of municipalities spending more on transportation. They are securing long term contracts south of the border. He would need to see a 10-15% pullback before trying to get into it now.

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